{"id":12100,"date":"2022-03-28T09:43:10","date_gmt":"2022-03-28T09:43:10","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12100"},"modified":"2022-03-28T09:43:57","modified_gmt":"2022-03-28T09:43:57","slug":"eco-atlantic-receives-tsxv-approval-for-the-closing-of-the-azinam-acquisition","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/eco-atlantic-receives-tsxv-approval-for-the-closing-of-the-azinam-acquisition\/","title":{"rendered":"SOUTH AFRICA\/NAMIBIA:Eco Atlantic Receives TSXV Approval for the Closing of the Azinam Acquisition"},"content":{"rendered":"

Eco (Atlantic) Oil & Gas has<\/span> confirmed that it and Azinam Holdings Limited have now received final approval <\/span>from the TSX Venture Exchange for\u00a0<\/span>Eco’s acquisition (through a wholly-owned subsidiary)\u00a0<\/span>of Azinam Group Limited, and accordingly Eco is now the sole owner of Azinam and will now issue 22,296,300 new Common Shares in Eco (“Common Shares”) to Azinam Holdings representing 9.9% of the Enlarged Share Capital detailed below (the “First Tranche”), with the issuance of the remaining \u00a017,874,174 Common Shares, subject only to Exchange clearance of the Personal Information Forms (“PIFs”) of Azinam Holdings’ Directors, which is expected to be received this week.\u00a0 A further announcement confirming the issue of the Second Tranche will be released once the Exchange confirmation has been received.<\/span><\/p>\n

As disclosed in the Company’s announcement of February 8, 2022, the Acquisition will result in the issuance to Azinam Holdings of, in aggregate, 40,170,474 Common Shares (the “New Issue”), providing Azinam Holdings with 16.5% of Eco’s share capital as enlarged by such issue, providing for a cashless acquisition to become the sole owner of Azinam’s entire African portfolio.\u00a0 In addition, the Company expects to receive \u00a0\u00a0customary formal acknowledgment from the government of South Africa in respect of this change of control shortly.<\/span><\/p>\n

At no time will\u00a0Azinam Holdings\u00a0be entitled to subscribe for and purchase such amount of Common Shares which, when aggregated with its already existing ownership of Common Shares, would result in\u00a0Azinam Holdings\u00a0being the registered or beneficial holder of more than 19.9% of the then issued and outstanding Common Shares, without the prior written consent of the Exchange and Eco and in accordance with the policies of the Exchange.\u00a0 Eco has agreed that, for as long as\u00a0Azinam Holdings\u00a0holds at least a 12.5% interest in Eco’s share capital,\u00a0Azinam Holdings\u00a0shall be entitled to nominate one director for election to Eco’s board of directors.<\/span><\/p>\n

Admission of the Consideration Shares<\/span><\/p>\n

Application has been made for admission of the First Tranche<\/span>, which will rank\u00a0pari passu\u00a0with existing Common Shares, to trading on AIM (“Admission”). It is expected that Admission will become effective and tradin<\/span>g will commence at\u00a08.00 a.m.\u00a0on\u00a031 March 2022.<\/span><\/p>\n

Following Admission of the First Tranche, the enlarged issued share capital of the Company will be 224,989,935 Common Shares. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.<\/span>\u00a0<\/span><\/p>\n

Gil Holzman Co-Founder and CEO of\u00a0Eco Atlantic\u00a0commented:<\/span>\u00a0<\/span><\/p>\n

“We are happy to now officially own\u00a0Azinam Group Ltd.\u00a0and its subsidiaries. We now look forward to operating a number of highly prospective licences in three exploration hotspots:\u00a0Guyana,\u00a0Namibia\u00a0and\u00a0South Africa. We continue to make strong progress towards the upcoming drilling of the Gazania-1 well on Block 2B, offshore\u00a0South Africa, and following the signing of the rig contract earlier in the month we anticipate drilling to commence in late Q3 2022.\u00a0 We look forward to receiving the final formal acknowledgement from the South African government for the change of control entities and to making further updates on our strategic acreage in due course.”<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Eco (Atlantic) Oil & Gas has confirmed that it and Azinam Holdings Limited have now received final approval from the TSX Venture Exchange for\u00a0Eco’s acquisition (through a wholly-owned subsidiary)\u00a0of Azinam … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[8285,274,8287,9266,1675,2371,6097],"class_list":["post-12100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-azinam","tag-block-2b","tag-eco-atlantic","tag-gazania-1","tag-namibia","tag-south-africa","tag-tsx-venture-exchange","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-39a","jetpack-related-posts":[{"id":12015,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-completes-acquisition-of-azinam\/","url_meta":{"origin":12100,"position":0},"title":"SOUTH AFRICA: Eco Atlantic Completes Acquisition of Azinam","author":"","date":"March 11, 2022","format":false,"excerpt":"Eco (Atlantic) Oil & Gas Ltd. has confirmed that it and Azinam Group Holdings (Azinam) have completed all conditions required to be completed in order to close Eco's acquisition of Azinam save and accept for receipt of the final approval of the TSX Venture Exchange. As disclosed in the Company's\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11787,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-signs-definitive-share-purchase-agreement-with-azinam\/","url_meta":{"origin":12100,"position":1},"title":"SOUTH AFRICA: Eco Atlantic Signs Definitive Share Purchase Agreement with Azinam","author":"","date":"February 8, 2022","format":false,"excerpt":"Further to the announcement on 10 January 2022, Eco (Atlantic) Oil & Gas Ltd. has confirmed that it has signed a definitive Share Purchase Agreement (SPA) to acquire 100% of Azinam Group Limited in return for a 16.5% equity stake in the Company.\u00a0 The Acquisition is expected to complete in\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11552,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-south-africa-eco-atlantic-acquires-azinams-asset-base\/","url_meta":{"origin":12100,"position":2},"title":"Namibia\/South Africa: Eco Atlantic Acquires Azinam’s Asset Base","author":"","date":"January 10, 2022","format":false,"excerpt":"Highlights\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Acquisition of a material offshore petroleum exploration asset base in\u00a0Namibia\u00a0and\u00a0South Africa \u00b7\u00a0\u00a0\u00a0\u00a0Consideration in the form of new common shares to Azinam Holdings Limited who will own 16.65% of the enlarged Group \u00b7\u00a0\u00a0\u00a0\u00a0The Vendor will also be issued warrants in the Company, exercisable only upon a\u00a0producible commercial discovery \u00b7\u00a0\u00a0\u00a0\u00a0The transaction\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=700%2C400 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"Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14451,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-namibia-eco-atlantic-reports-transaction-with-africa-oil-corp\/","url_meta":{"origin":12100,"position":4},"title":"SOUTH AFRICA\/ NAMIBIA: Eco Atlantic Reports Transaction with Africa Oil Corp","author":"","date":"July 30, 2024","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has announced\u00a0it has signed an Assignment and Share Cancellation Agreement with\u00a0Azinam Limited,\u00a0Eco's wholly owned subsidiary, Africa Oil Corp. pursuant to which Azinam has agreed to sell and assign a 1% Participating Interest in Block 3B\/4B offshore the\u00a0Republic of South Africa,\u00a0including the associated Exploration Right and\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Africa-Oil-Assets.png?fit=460%2C521&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12376,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-acquires-additional-interest-in-block-3b-4b\/","url_meta":{"origin":12100,"position":5},"title":"SOUTH AFRICA: Eco Atlantic Acquires Additional Interest in Block 3B\/4B","author":"","date":"June 27, 2022","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has signed a farm-out agreement pursuant to which its wholly-owned subsidiary, Azinam Limited,\u00a0will acquire an additional 6.25% Participating Interest in Block 3B\/4B, offshore South Africa from the Lunn Family Trust, one of the 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